Consolidated Edison (ED) ESG Update summary

Clean energy strategy and regulatory alignment

• Committed to achieving New York’s climate goals, including 40% emissions reduction by 2030, net zero by 2050, and 100% clean energy by 2040, in alignment with the CLCPA and local laws.

• Investing in grid modernization, electrification, and renewable integration, including major projects like new substations, transmission lines, and battery storage.

• Advocating for utility ownership of renewable projects, supporting offshore wind, battery storage, and sector-specific targets for renewables and emissions reductions.

• Five-pillar clean energy commitment includes customer empowerment, gas system reimagination, company carbon footprint reduction, and stakeholder partnerships.

• Coordinating with state and city policies to ensure a unified approach to decarbonization and resilience.

Infrastructure investment and grid resilience

• Planning $28 billion in infrastructure investments through 2028, including new substations, transmission upgrades, and climate resilience projects.

• Proposed $900 million (CECONY) and $411 million (O&R) in climate resiliency investments from 2025–2029 for undergrounding lines, substation upgrades, and shoreline protection.

• Accelerating projects like the $1.2 billion Idlewild Substation to meet surging demand from electrification at JFK Airport and MTA bus depots.

• Integrating offshore wind and energy storage, with over 87 MW of third-party storage and 10 MW of utility-owned storage operational or in development.

• Proactively planning for winter peak demand as electrification of heating increases.

Customer programs and energy efficiency

• Supporting the installation of 23,000 EV charging plugs, with nearly 3,000 in disadvantaged communities.

• Over 36,000 customers have converted to air source heat pumps since the Clean Heat Program launch.

• Energy efficiency programs reduced electrical usage by 6.66 million MWh and saved 1.8 million dekatherms of gas in 2023.

• Programs in place to cap energy costs for vulnerable customers at 6% of annual income and $265.5 million in discounts provided in 2023.

• Nearly half of clean energy spending and a significant share of EV and distributed energy projects are directed to disadvantaged communities.